Insurance is on everyone's mind in 2017. Under a new presidential administration the U.S. might face shifting health insurance. If you are considering a divorce then your insurance will undergo some big changes as well. If you can plan a budget ahead of time for these changes then you will have a smoother transition in this difficult time.
1. Health insurance
Health insurance has become costly around the nation. With high premium rates you should plan for how your health insurance coverage will change after divorce. If you are under your spouse's employer-based health insurance plan then you will need to make some changes.
Consider signing up for health insurance through your employer if possible. If you work independently or if your employer's health plan is less than ideal, then you could continue health insurance through your ex-spouse's insurance company but pay for it yourself. This is called electing COBRA insurance, which can give you coverage for up to 36 months after divorce.
2. Life insurance
Your life insurance boat will be rocked if you signed up while married. You likely have life insurance with your soon-to-be-ex-spouse listed as the beneficiary. If one spouse passes away before their child support or alimony payments are complete then life insurance could double as protection for those payments. If you do not have any ongoing payments after divorce then you can choose to take your ex-spouse off the life insurance policy as a beneficiary.
3. Home owners insurance
If you or your spouse decide to keep the house then the other should be taken off of the home owners insurance policy. If you decide to refinance the house as your own then make sure to budget for the insurance as well. It will be more costly now that you are paying for it solo. If you end up renting after divorce then you can look into renters insurance. While most people neglect to look into renters insurance it can come in handy if any of your belongings are damaged or if anyone is hurt in your apartment.
4. Car insurance
If you end up keeping the family car then you will need to get your ex off of the policy and put it under your name. If you need to shop around for new insurance because you will need a new vehicle then you might end up paying more. Many people get insurance discounts for being married or for having multiple vehicles on one plan. Try to get quotes from several different places to find your best option.
Divorce is a complex process. It is important to find the right attorney for the job. Get an attorney who understands the complicated divorce laws in Ohio to get the best outcome.